Choose a real business contract (a contract from their life, from the work, it can be old contract), and read it carefully and then answer the following questions:
a. Define the subject of the contract. ( i.e. does it involve the purchase of equipment or a specific service?
b. Define who are the parties in the contract.
c. Explain the offer and acceptance phases of your contract (i.e.is it done through a tender or direct purchase and the acceptance occurred).
d. Define the obligations of both parties.
e. Define the payment terms (how the payment/s will be done)
f. Define one warranty and one condition stated in your contract. (remember if any requirement is stipulated as condition of the contract the injured party has the right to discharge the contract while if a requirement is stipulated as warranty the injured party can claim compensation).
g. Define the period of contract and explain if the contract can be extended or not and explain how it can be extended.
h. Define if the contract can be amended by a variation order and how it is implemented.
i. Define if the contract states a clause for force majeure and how it can be implemented.
j. Define if the contract states a clause about confidentiality and how it is implemented.
k. Contract termination and who has the right to terminate the contact, the notice required to be served and the compensation payable to injured party, if any.
l. The applicable law to the contract.
m. The mechanism to resolve disputes in your contract (i.e. litigation, arbitration, moderation, mediation, etc.)
n. Define other commitments by either party like the duty to provide insurance, HSE, the rights of his employees, etc.
o. Explain to what extent you think the contract can protect the interests of yourself or your organisation and what kind of improvements it really needs to be used in future for another transaction.